For this report, we are examining the three counties that make up Southern New Hampshire: Hillsborough, Rockingham, and Cheshire; and we are focusing on three property types: single-family homes, condominiums, and multi-family homes.
Sales down 5.1%
The Southern New Hampshire housing market experienced a similar outcome as Massachusetts in that sales declined, and prices increased when compared to 2018.
Sales for the whole year were down by 5.1%, with 5,685 homes sold this year compared to 5,988 homes sold in 2018- 303 fewer transactions.
Just like the first half of 2018, sales declined in single families and condos and increased in multi-families. Sales declined by 5.6% for single families, by 5.25% for condos and increased by 4.4% for multi-families.
Prices up 6.0%
Southern New Hampshire prices increased by 6.0% in 2019, now at an average price of $314,739 from $296,976- a $17,763 difference. Prices increased in all three categories with condos increasing the most, by 12.6%. Single families and condos increased by 3.7% and 2.5% respectively.
Home Sales by Month
There were only 3 months in 2019 that were higher in sales than in 2018. February, April, and May showed gains over the year before and June’s significant drop likely accounted for the hefty decrease overall. This is a large indication that sellers need to consider adjusting their prices so that buyers will bite and sales will close.
Home Prices by Month
Like Massachusetts, prices increased every month in the first half of this year when compared to last.
Predictions for the Rest of the Year:
Prices are likely to continue to rise as buyers outbid one another for homes. The inventory is there, but there are more buyers than there are sellers, and with the recent drop in interest rates, buyers are more than happy to spend a little more to get what they want. If sellers who’ve been on the market a while want to engage a new crowd of hungry buyers, they need to consider price adjustments. This will present their home to buyers in a different bracket and they’ll likely have much more success.